GGM:CC - GRANADA GOLD Announces Passing of Director Jacques Monette
(TheNewswire)
June 6, 2022 – TheNewswire - Rouyn Noranda, Quebec, Granada Gold Mine Inc. (TSXV:GGM) (the “Company” or “Granada”) announces with great sadness thepassing of its long-time director Jacques Monette. Jacques has beenan integral part of Granada Gold since 2008.
On behalf of the Board of Directors, management teamand employees, we extend our deepest sympathies and condolences toJacques’ family. Jacques was an experienced career miner workingacross Canada and around the world for over 40 years and has been onthe boards of several exploration companies over the years. Jacqueswill be sorely missed by all those who knew him.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and exploreits 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, andis adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of landin a combination of mining leases and claims. The company is currentlyundergoing a large drill program with 30,000m out of 120,000mcomplete. The drills are currently paused to provide the technicalteam with the necessary time to evaluate and assimilate existing data.
The Granada Shear Zone and the South Shear Zonecontain, based on historical detailed mapping as well as from currentand historical drilling, up to twenty-two mineralized structurestrending east-west over five and a half kilometers. Three of thesestructures were mined historically from four shafts and three openpits. Historical underground grades were 8 to 10 grams per tonne goldfrom two shafts down to 236 m and 498 m with open pit grades from 3.5to 5 grams per tonne gold.
The property includes the former Granada Goldunderground mine which produced more than 50,000 ounces of gold at 10grams per tonne gold in the 1930’s from two shafts before a firedestroyed the surface buildings. In the 1990’s, Granada Resourcesextracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading3.46 g/t Au.
On March 15, 2021, the Company released an updated NI43-101 resource estimate for the Granada Gold project (Please seeJanuary 29, 2021 news release) with a combined total of 713,000 goldounces of measured, indicated, and inferred. This estimate contains351,000 gold ounces of combined measured, indicated, and inferred forthe open pit and 362,000 gold ounces of combined measured, indicated,and inferred for the underground. Please see Table 2 below for fulldetails. Report reference: Granada Gold Project Mineral ResourceEstimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus,P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. with aneffective date of December 15, 2020, and signature date of March 15,2021.
Table 2: Mineral Resource Estimate Showing Tonnes,Average Grade, and Gold Ounces
| Type |
| Category |
| Tonnes |
| Avg Grade Au (g/t) |
| Gold Ounces |
| Open Pit |
| Measured |
| 3,756,000 |
| 1.89 |
| 228,000 |
| Indicated |
| 1,357,000 |
| 2.55 |
| 111,000 |
| Measured + Indicated |
| 5,113,000 |
| 2.06 |
| 339,000 |
| Inferred |
| 34,000 |
| 11.29 |
| 12,000 |
| Underground |
| Measured |
| 37,000 |
| 4.22 |
| 5,000 |
| Indicated |
| 807,000 |
| 4.02 |
| 104,000 |
| Measured + Indicated |
| 844,000 |
| 4.03 |
| 109,000 |
| Inferred |
| 1,244,000 |
| 6.33 |
| 253,000 |
The Granada Shear Zone and the South Shear Zonecontain, based on historical detailed mapping as well as from currentand historical drilling, up to twenty-two mineralized structurestrending east-west over five and half kilometers. Three of thesestructures were mined historically from two shafts and two open pits.Historical underground grades were 8 to 10 grams per tonne gold fromtwo shafts down to 236 m and 498 m with open pit grades from 5 to 3.5grams per tonne gold.
The Company is in possession of all mining permitsrequired to commence the initial mining phase, known as the “RollingStart”, which allows the company to mine up to 550 tonnes per day.Additional information is available at www.granadagoldmine.com .
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information, pleasecontact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This news release may contain forward-lookingstatements including but not limited to comments regarding the timingand content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions andtherefore, involve inherent risks and uncertainties. Actual resultsmay differ materially from those currently anticipated in suchstatements.
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